By the end of last week Baltic Dry Index dropped to its lowest level since mid-April.
The overall index, which includes rates for Capesize, Panamax and Supramax vessels, dropped 8 points (or 0.3%) to 2,371, ProAgro Group reports, citing GMK Center.
The drop in the index to its lowest level since April 15 was due to a decline in rates for small bulkers such as Panamax and Supramax.
In particular, the Panamax index lost 88 points, or 3.6%, and fell to a month-low of 2,356 points. The average daily freight revenue from Panamax vessels, designed to carry 60-70 thousand tons of coal or grain cargoes, decreased by $790 to $21,204.
The Supramax index fell 33 points to 2,436 points. This is the lowest level in two weeks.
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